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BARRETT RESOURCES CORP. REPORTS SIGNIFICANTLY HIGHER THIRD QUARTER RESULTS

 DENVER, Aug. 16 /PRNewswire/ -- Barrett Resources Corp. (NASDAQ-NMS: BARC) reported a 384 percent increase in net income to $1,108,000, or $.09 per share, on revenues of $10.3 million for the third quarter ended June 30, 1993, compared to net income of $229,000, or $.02 per share, on revenues of $4.8 million for the third quarter of fiscal 1992. Cash flow before working capital changes for the third quarter was $3.6 million, or $.35 per share, an increase of 225 percent from $946,000, or $.09 per share, for the same period in 1992.
 Net income for the nine-month period ended June 30, 1993, was $3,834,000, or $.37 per share, on revenues of $35.5 million, a 101 percent increase over the net income for the comparable period in 1992, of $1,904,000, or $.20 per share, on revenues of $18.2 million. Cash flow before working capital changes for the nine months period was $8.6 million, or $.83 per share, an increase of 126 percent from $3.8 million, or $.39 per share, for the same period in 1992.
 Also during the third quarter of fiscal 1993, gas and oil production revenue increased 236 percent from $1.4 million to $4.7 million and gas sales volume increased to 2,408,000 MCF from 750,000 MCF, an increase of 221 percent.
 Trading revenues were $4.9 million and $22.3 million for the three- month and nine-month periods ended June 30, 1993, respectively. Gross profits were $458,000 for the quarter and $820,000 for the nine months ended June 30, 1993. For the comparable periods in the prior year, trading revenues were $3.2 million for the quarter and $12.9 million for the six-month period, while gross profit was $268,000 for the quarter and $869,000 for the nine months.
 The company's current production is approximately 90 percent natural gas and its exploration and development activity is concentrated in the Arkoma Basin of Oklahoma and the Piceance Basin of Colorado.
 As previously announced, the company entered into an agreement effective July 1, 1993, to sell 99 percent of its interest in all oil and gas properties, along with 100 percent of the gas processing plant and gas gathering system, all located in the Wattenberg Field of Colorado. The company has operated in this field for about 12 years. The proved reserves of the Wattenberg Field accounted for approximately 9 percent of the company's total proved reserves as of Sept. 30, 1992. The transaction is anticipated to close on Aug. 31, 1993, at which time the company will receive approximately $17.7 million in cash. These proceeds are planned to be used in continued drilling exploration, development and acquisition activities, primarily in the Arkoma Basin of Oklahoma and the Piceance Basin of Colorado.
 Barrett Resources Corp. is a Denver-based independent oil and gas exploration company that also owns gas gathering systems and is involved in gas trading activities. The company's stock is traded on the NASDAQ National Market System with the symbol BARC.
 BARRETT RESOURCES CORP.
 Consolidated Condensed Statements of Income
 (Unaudited)
 Three months ended
 June 30,
 1993 1992
 Revenues:
 Oil and gas production $4,702,000 $1,415,000
 Trading revenues 4,936,000 3,171,000
 Revenue from gas gathering 32,000 64,000
 Gas processing revenues 453,000 ---
 Interest income 144,000 132,000
 Other income 4,000 (1,000)
 Total 10,271,000 4,781,000
 Operating expenses:
 Oil and gas production costs 858,000 356,000
 Cost of trading 4,478,000 2,903,000
 Gas processing costs and expenses 431,000 ---
 Depreciation, depletion
 and amortization 2,043,000 719,000
 General and administrative 776,000 561,000
 Interest expense 3,000 8,000
 Total 8,589,000 4,547,000
 Income for the period
 before income taxes 1,682,000 234,000
 Provision for income taxes 574,000 5,000
 Net income for the period $1,108,000 $229,000
 Net income per common share
 and common share equivalent $.09 $.02
 Weighted average common shares
 outstanding 11,927,436 9,654,437
 Nine Months Ended
 June 30, June 30,
 1993 1992
 Revenues:
 Oil and gas production $11,567,000 $4,590,000
 Trading revenues 22,318,000 12,871,000
 Revenue from gas gathering 214,000 206,000
 Gas processing revenues 1,097,000 ---
 Interest income 268,000 492,000
 Other income --- 24,000
 Total 35,464,000 18,183,000
 Operating expenses:
 Oil and gas production costs 1,929,000 977,000
 Cost of trading 21,498,000 12,002,000
 Gas processing costs and
 expenses 1,065,000 ---
 Depreciation, depletion and
 amortization 4,751,000 2,268,000
 General and administrative 1,798,000 1,566,000
 Interest expense 10,000 23,000
 Total 31,051,000 16,836,000
 Income before income taxes and
 cumulative effect of change
 in method of accounting for
 income taxes 4,413,000 1,347,000
 Provision for income taxes 579,000 26,000
 Income before cumulative effect
 of change in method of
 accounting for income taxes 3,834,000 1,321,000
 Cumulative effect of change in
 method of accounting for income
 taxes --- 583,000
 Net income $3,834,000 $1,904,000
 Income per common share and
 common share equivalent before
 change in method of accounting
 for income taxes $.37 $.14
 Income per common share and common
 share equivalent -- cumulative effect
 of change in method of accounting
 for income taxes --- $.06
 Net income per common share and
 common share equivalent $.37 $.20
 Weighted average common shares
 outstanding 10,608,302 9,758,840
 -0- 8/16/93
 /CONTACT: Donald H. Stevens or Carolyn Norland of Barrett Resources, 303-297-3900/
 (BARC)


CO: Barrett Resources Corp. ST: Colorado IN: OIL SU: ERN

JL-MF -- LA006 -- 2921 08/16/93 09:16 EDT
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Publication:PR Newswire
Date:Aug 16, 1993
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